Myerson, Roger Bruce

Myerson, Roger Bruce,

1951–, American economist, b. Boston, Mass., Ph.D. Harvard, 1976. He has taught at Northwestern Univ. (1976–2001) and the Univ. of Chicago (2001–). With Leonid HurwiczHurwicz, Leonid
, 1917–2008, Polish-American economist and statistician, b. Russia., grad. Univ. of Warsaw, 1938. Educated in the law, he subsequently studied economics in London, Geneva, and, after immigrating (1940) to the United States, Chicago and worked as an
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 and Eric MaskinMaskin, Eric Stark,
1950–, American economist, b. New York, N.Y., Ph.D. Harvard, 1976. He was on the faculty at the Massachusetts Institute of Technology (1977–84) and Harvard (1985–2000) before joining (2000) the Institute for Advanced Study in Princeton, N.J.
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, Myerson was awarded the 2006 Nobel Memorial Prize in Economic Science. Myerson and Maskin extended Hurwicz's work on mechanism design theory, a branch of game theory (see games, theory ofgames, theory of,
group of mathematical theories first developed by John Von Neumann and Oskar Morgenstern. A game consists of a set of rules governing a competitive situation in which from two to n
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) that examines what rules provide the incentives that produce the most desirable result, enabling social scientists to explain how individuals, institutions, and markets interact. Myerson also has worked on the economic analysis of political institutions and contributed to the understanding of the process of democratization.